Burns J W & Co. Inc. NY Grows Stake in AbbVie Inc. (NYSE:ABBV)

Burns J W & Co. Inc. NY grew its holdings in shares of AbbVie Inc. (NYSE:ABBVGet Rating) by 6.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,188 shares of the company’s stock after acquiring an additional 1,893 shares during the period. Burns J W & Co. Inc. NY’s holdings in AbbVie were worth $4,624,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in AbbVie by 2.9% in the first quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock worth $24,400,600,000 after acquiring an additional 4,206,711 shares during the last quarter. BlackRock Inc. raised its holdings in AbbVie by 1.1% during the first quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock worth $21,014,462,000 after purchasing an additional 1,433,324 shares in the last quarter. State Street Corp grew its position in AbbVie by 3.4% in the fourth quarter. State Street Corp now owns 79,357,705 shares of the company’s stock worth $10,745,033,000 after buying an additional 2,597,076 shares during the last quarter. Capital International Investors grew its position in AbbVie by 162.6% in the first quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock worth $4,943,993,000 after buying an additional 18,882,699 shares during the last quarter. Finally, Norges Bank acquired a new position in AbbVie in the fourth quarter worth approximately $2,433,269,000. 68.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley lowered their price target on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a report on Monday, August 1st. Piper Sandler cut their target price on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Barclays dropped their price objective on shares of AbbVie to $160.00 in a report on Tuesday, August 9th. Atlantic Securities lowered their target price on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. Finally, UBS Group decreased their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $159.35.

AbbVie Stock Up 1.9 %

Shares of ABBV stock opened at $143.01 on Friday. The firm has a fifty day moving average of $141.99 and a 200-day moving average of $149.56. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 4.15. AbbVie Inc. has a 12-month low of $106.44 and a 12-month high of $175.91. The company has a market capitalization of $252.86 billion, a price-to-earnings ratio of 20.26, a P/E/G ratio of 3.98 and a beta of 0.72.

AbbVie (NYSE:ABBVGet Rating) last released its earnings results on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, beating analysts’ consensus estimates of $3.42 by $0.09. The business had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $3.11 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Thursday, October 13th. AbbVie’s dividend payout ratio (DPR) is currently 79.89%.

AbbVie Company Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Further Reading

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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